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Business Savings Account

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    #21
    Just going a bit off topic as interest rates are so measly, do you invest anywhere with surplus business account money?

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      #22
      a whopping 1.5% easy access fwiw

      https://www.recognisebank.co.uk/savi...iness-savings/

      Haven't seen it mentioned on here, google search struggles because the name is a common word.

      Anyone used them?

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        #23
        Originally posted by jmo21 View Post
        a whopping 1.5% easy access fwiw

        https://www.recognisebank.co.uk/savi...iness-savings/

        Haven't seen it mentioned on here, google search struggles because the name is a common word.

        Anyone used them?
        Yes, they are fine. Not fancy, like a lot of these start-up banks, but adequate. If you don't mind 40-45 days notice, you can get in the 1.6-1.8% range currently, but 1.5% for easy access is pretty good.

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          #24
          Originally posted by jmo21 View Post
          a whopping 1.5% easy access fwiw

          https://www.recognisebank.co.uk/savi...iness-savings/

          Haven't seen it mentioned on here, google search struggles because the name is a common word.

          Anyone used them?
          I'm sure a whopping 1.5% interest rate will be invaluable when inflation hits 13, 18, or even 22% next year as per some forecasts.

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            #25
            Originally posted by jmo21 View Post
            a whopping 1.5% easy access fwiw

            https://www.recognisebank.co.uk/savi...iness-savings/

            Haven't seen it mentioned on here, google search struggles because the name is a common word.

            Anyone used them?
            I like how they advertise that you can deposit 'up to £85,000' - are they planning to invoke FSCS insurances?

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              #26
              Originally posted by jmo21 View Post
              Just went to open account with this outfit, first thing you need to do is confirm that your business "does not have passive income" which includes "interest from savings accounts". What the...?

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                #27
                Originally posted by ittony View Post

                Just went to open account with this outfit, first thing you need to do is confirm that your business "does not have passive income" which includes "interest from savings accounts". What the...?
                Another red flag - everyone pays into the same account. I tulip you not - you all pay into the same sort and account number and only the reference number of the transaction denotes who you are (a bit like when paying your HMRC bill, for example)

                Paying thousands of pounds initially into an account I don't control can never be for me (particularly as the minimum transaction is £1000 - they return anything less). I couldn't go on to use the service in good conscience.

                Glad to have done everyone else's due diligence in this matter.

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                  #28
                  Originally posted by PerfectStorm View Post

                  Another red flag - everyone pays into the same account. I tulip you not - you all pay into the same sort and account number and only the reference number of the transaction denotes who you are (a bit like when paying your HMRC bill, for example)

                  Paying thousands of pounds initially into an account I don't control can never be for me (particularly as the minimum transaction is £1000 - they return anything less). I couldn't go on to use the service in good conscience.

                  Glad to have done everyone else's due diligence in this matter.
                  This is extremely widespread among smaller institutions. In other words, your “red flag” is total nonsense. They are actually better than most in terms of their online offering. No issues to report, would recommend (up to the FSCS limit, obvs.).

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                    #29
                    Originally posted by jamesbrown View Post
                    This is extremely widespread among smaller institutions. In other words, your “red flag” is total nonsense. They are actually better than most in terms of their online offering. No issues to report, would recommend (up to the FSCS limit, obvs.).
                    You'd recommend even though they forbid you from earning, or having earned, interest anywhere else?

                    Comment


                      #30
                      Originally posted by ittony View Post

                      You'd recommend even though they forbid you from earning, or having earned, interest anywhere else?
                      Wow. They don't, obviously. Yes, it's worded poorly, but the account is intended for trading companies, not investment companies.

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